Evergrande chair Hui Ka Yan was summoned by Chinese government officials on Friday after the property developer warned it might not be able to meet its financial obligations and that it planned to restructure its offshore debt.
The decision by officials in Guangdong, the southern province where Evergrande is headquartered, to request a meeting came hours after the property group also disclosed that it had received a demand relating to a $260m guarantee, without providing any further details.
In a series of developments, the local government in Guangdong agreed to parachute a team of officials into the indebted company whose financial woes have deepened as Beijing has tightened restrictions on the country’s once-booming property sector.
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